1. Scrapping universal winter fuel payments

The savings made here – only 11pc of English households are expected to qualify - would plug the gap created by another policy: to raise the asset threshold that applies before the elderly have to meet their own care costs.

Other pensioner benefits, including free bus passes, eye tests, prescriptions and TV licences, are to be spared.

2. Care funding system reform

Under the Conservatives the amount that individuals have to pay towards their care will change dramatically.

At the moment the state will take on the cost of funding a stay in a care home if the value of the individual's assets, including their home, is less than £23,250 (different limits apply in Scotland and Wales ). However, property values are not currently taken into account if care is given at home.

The Conservatives have however pledged to maintain the triple lock until April 2020, when the 2.5pc underpin will be removed, leaving a "double lock".

The move had been widely predicted as higher inflation expected over the next few years would mean the underpin was unlikely to be called into play. In March, an independent review of the state pension commissioned by the Government recommended scrapping the lock.

Funding the state pension cost 5.2pc of Britain’s entire economic output last year, a figure expected to rise to 6.7pc by 2066 with the triple lock in place. Removing it would bring the figure down to 5.9pc, the review estimated.

The lock applies to the whole of the new "single-tier" state pension but only to the "basic" element of the pension under the pre-April 2016 system.

4. Capping energy prices

Prepayment tariffs, used by around 16pc of customers, have been subject to a cap since April and the new cap for standard variable tariffs (SVTs) would follow the same principles. This means an “absolute” cap, as opposed to a “relative” model that would have controlled the difference between the cheapest fixed-price deals and more expensive SVTs.

The average household will save £100 as a result, the party claimed, though energy providers say it will lead to price rises as firms cluster around the cap.

Energy watchdog Ofgem would set the price cap every six months. The manifesto said the "safeguard tariff cap" would "protect customers who do not switch against abusive price increases".

5. Higher-rate threshold to hit £50,000 by 2020

The Tories said they would stand by their existing plan to raise the higher-rate, 40pc, threshold to £50,000, up from £45,000, by 2020. Likewise, the personal allowance, below which no tax is due, will increase to £12,500, from £11,500.

Labour has said it would raise income tax for higher earners. The additional-rate, 45pc, threshold would be brought down to £80,000 from its current level of £150,000. A new 50pc band would apply to incomes of more than £123,000. The Tories do not plan any new tax bands, however.

The manifesto also pledged that the Tories would not to raise VAT and would keep taxes generally "as low as possible".

6. Help councils build 'new generation' of homes

The number of council homes built each year has been falling for decades (see chart below). The stock of public housing was depleted by Margaret Thatcher’s flagship “right to buy” programme, which gave council tenants the option to buy their home at a discount.

Mrs May confirmed that tenants of the new properties would also have option to buy their home after 10 or 15 years.

The manifesto said "compulsory purchase orders" would be reformed to "make them easier and less expensive for councils to use and to make it easier to determine the true market value of sites".

7. No change to inheritance tax

Government figures show that the new allowance, which adds £100,000 per person in respect of the main family residence to the normal £325,000-per-person tax-free band, will cost nearly £1bn by 2020-21.

By then, a couple would be able to pass on £1m tax free. Under Labour’s plan the figure would remain at £650,000.

Shadow chancellor John McDonnell wants to reverse the new 'family home allowance' for inheritance tax Credit:
Leon Neal/Getty Images

8. New powers for pensions watchdog

The Tories would grant new powers to the Pensions Regulator and the Pension Protection Fund, the "final salary" lifeboat scheme.

Watchdogs would be able to stop "mergers, takeovers or large financial commitments" that threaten pension schemes, the manifesto said. They would also be handed new powers to fine "those found to have wilfully left a pension scheme under-resourced".

Experts say this could put pressure on firms to divert dividends to prop up struggling pension schemes, which could affect investors' incomes.

9. Pension tax relief spared

There was no mention of changes to the pensions tax relief system in the Tory manifesto.